BitcoinNews.com BitcoinMarket Analysis
After a small stop of buyers at a price of $5,475, the price continued to grow. The growth looks sluggish and continues traditionally without volumes. Starting from 25 April, buyers organized growth within the wedge, which gets narrow and ends at around $5,700:
Also, around $5,700 is the upper trend line of the blue channel, in which the price moves from December 2018 and in the previous analysis; we wrote that this is a critical point for sellers. Analyzing the volumes and the nature of the price growth, at the moment, we do not see the prerequisites for breaking through $5,700 and continuation of growth. The only option that can work for buyers is a sharp closure of marginal positions of sellers which actively have been growing for a month. If sellers allow buyers to approach too close to $5,700, then a new shot up may happen, the engine of which will be the panic closing of marginal positions of sellers:
If we analyze buyers marginal positions, then we did not mention any particular changes. Buyers have ceased to close their positions aggressively, but this does not change the situation dramatically:
According to the wave analysis, we see that the critical point for sellers is at a price of $5,670. At this price, the wave c = 0.618 * a. This is a strong level that buyers can only pass with increased volumes. We see that the price pauses in front of him:
The failed breakthrough attempts of $5,670, which eventually form the pins upwards, will mean a signal of further fall. The growth, which currently consists of 3 waves, will end if buyers do not keep $5,550. In this case, the first stop of the sellers will be in the price of $5,430 and the final in the price of $5,200-5,300 (the targets are calculated with respect to the timeframe 4h):
If you analyze the daily timeframe, the situation is unchanged, and it remains only to wait for the channel breakthrough, which is more likes a consolidation.
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: Bitcoin News
The post BitcoinNews.com Bitcoin Market Analysis 1st May 2019 appeared first on BitcoinNews.com.